Monero (XMR) Price Analysis: Monero Has A Promising Future; New Entrants Will Flourish More

Monero’s Ring signature technology has much to improve- by Andrew Poelstra.

The medium-term outlook is bullish. The value will reach 100 USD by the end of 2019.

Monero (XMR) has been considered recently by Andrew Poelstra, Blockstream Director of Research for evaluation of the security of coins. Monero is a privacy-centered network which has features like ring signature, ring confidential transactions, and stealth addresses. Poelstra has been working on the development of ring signature scheme, and he said the new technology is not yet ready. He said, “There are some ideas that could give you log scaling in size and verification. For example, you could literally like look up every single output in a giant Merkle Tree, pick one and say that I’m going to spend this, but the whole thing is inside a zero-knowledge proof. And that would actually give a ring of the entire output.” By the end of 2019, we predict the coin to go past the 100 USD level. Let’s now look at the details of the current statistics.

Current Statistics-

Monero (XMR) is ranked at 12th position in the global crypto market.

The ROI (Return on Investment) stands at 3337.23%.

A total of 16,981,367 XMR coins are in current circulations.

The current market cap as on 15th May at 04:04 UTC stands at 1,442,917,240 USD.

The value of each coin stands at 84.97 USD and 0.01059097 BTC.

The 24h volume at the same UTC stands at 69,527,679 USD.

Comparison-

Monero (XMR) has been consistently growing in the last 4 months. The lowest point of the coin was on 14th January at 43.07 USD. The highest growth was achieved on the 1st of April boom along with the global market. The market cap on 15th April was 1,127,065,967 USD. And the value of each coin was 66.61 USD and 0.01288794 BTC. The current market cap and the value of each coin in USD are respectively 28.02% and 27.56% more than the values of the previous month.

Prediction-

We predict the next resistance levels to be at $90, $94, $98 and the support level to be at $66, $64, $62. Both the medium-term and short-term trend is bullish. We predict the coin to reach as high as 100 USD by the end of 2019. The path until 100 USD will be full of inconsistencies.

Conclusion-

Fresh coins can be bought now if long term holding is in the aim. Existing holdings at 100 USD target will give a huge profit.

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.